Across all industry sectors and business models—B2B, B2C and the marketing two-step B2B2C–businesses strive to know more about their customers. How old are they, where do they live, what channels of communication do they prefer and why? What products, services and content interest them, and what influences them to purchase or recommend certain products or brand?
This is by no means an easy task in today’s multi-channel environment. Just a few years ago, data-driven executives combined retail point of sale (POS) data with behavioral, demographic and lifestyle (persona) information purchased from a third-party supplier in order to create customer profiles or micro-channel segmentation. Oftentimes this was done prior to interacting with customers through their preferred channel of communications using rules-based scoring, trigger dimensions or predictive models in an effort to improve market basket value or individual customer profitability. Push campaigns typically included trade promotions, online discount offers, and loyalty programs sent via email, mobile device, in-store at check-out, catalogue and via online pop-ups.
By and large, data-driven executives focus on what type of interaction increases annual customer profitability, share or value of each market-basket transaction and ultimately–impacts top-line or bottom- line results.
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